Business Law for Accountants
The term “lease”, used in the UCC, has the same meaning as used in”
~none of the choices are correct
~international financial reporting standards 16-leases
~FASB ASC paragraph 842
~SEC staff accounting bulletin 105
~International accounting standards 17-leases
The meaning of the term 'lease' in the UCC I.e unified commercial code as
Lease" means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease.
It contains operating lease and finance lease as stated in
INTERNATIONAL ACCOUNTING STANDARD 17 LEASES
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